Indiana Automotive Equipment
With locations across the Midwest, Indiana Automotive Equipment sells, installs, and services a variety of light- and heavy-duty automotive equipment, such as 2-post lifts, air compressors, mobile column lifts, and. much more. The national company currently employs over 50 people in it’s Indiana location.
Familiar with our work, Indiana Automotive Equipment approached McGuire Sponsel for a second time to procure incentives on a growth project on their behalf.
Upon completing their initial project’s hiring goals of 41 employees, Indiana Automotive Equipment needed an additional facility that would involve an innovation center, showroom, training facility, and office space. While considering multiple states for the new location, we looked to Indiana to add a phase to the company’s original deal. We were able to procure a $1.1 million incentive package for the company with the IEDC, leveraging both the company’s projected capital investment and headcount growth. Thanks to all parties, the process was smooth and efficient.
Since a large initial investment was required to get a new facility off the ground, we aimed to get the client as much benefit in as little time as possible. To accomplish this task, we negotiated a deal with the IEDC that involved both the EDGE and HBI tax credit rather than just an EDGE, which is tied to job creation and is typically realized over a ten-year period. HBI is tied to the capital investment made in the project and is typically realized over a 2-3 year period.
Based on the company’s projections of 80 new jobs and over $6.4 million in capital investment, we were able to procure a $700,000 EDGE tax credit and a $400,000 HBI tax credit.
EDGE Tax Credit
HBI Tax Credit
State and Local Incentives
|EDGE Tax Credit||$700,000|
|HBI Tax Credit||$400,000|